Real Estate Exam: Law of Contracts Flashcards | Quizlet If a lender collects principal and interest and shares in the profits when the property is sold, then it is called a shared appreciation mortgage. - Answer- lease purchase agreement Is and interest in leased property created when the holdover tenant is occupying the leased property against the owner's will. Extend above the surface without limitations. A venture that is owned by one individual. Administrative Manager Job in Baltimore, MD at Center for Communication __________ of RESPA prohibits any person who, pursuant to any agreement or understanding, gives or receives a fee or a thing of value for the referral of settlement business. Accept, reject, Counteroffer, or do nothing. Consideration. Many hard money loans are made by private investors, generally in their local areas. Law of Contracts Practice Exam/Law of Contracts - CHAMPIONS TEST/Law of If a distinct profile emerges, efforts are made to match that profile to advertising outlets known to reflect the particular profile, thus targeting advertising directly to high-potential customers. A contract may be discharged due to _______________________. The potential downside of this form of ownership is that the owner also has full liability for the financial and personal obligations of the business. Sell. The process by which an insurer can, after it has paid a loss under the policy, recover the amount paid from any party (other than the insured) who caused the loss or is otherwise legally liable for the loss. The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. - National Labor Relat The TM498 is suitable for individuals who are walk- ers at a transitional stage from walking to running or midlevel runners. The right of the government to take private land for public use. a. 9. Indestructibility or durability (cannot be destroyed) In an option to purchase, the price is set when the lease agreement is negotiated, which is advantageous to the tenant-buyer. A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the note. A legal description of land having a point of beginning, using terminal points and angles, degrees and minutes to outline a property, A method of land description frequently used after land has been subdivided into building lots; also referred to as the recorded plat method. Chapter 6 - Law of Agency and Real estate.docx. Bill is determined to complete the purchase and acquire the property. #1. The determination of mutual consent is usually a question of fact and is completed by this process. Specific performance is the only remedy that would possibly result in the full execution (closing) of the transaction. C. the commandment thou shalt not kill. Law of Contracts - CHAMPIONS TEST - Law of Contracts - Stuvia US Lewis's Medical-Surgical Nursing Diane Brown, Helen Edwards, Lesley Seaton, Thomas . This space is where terms can be addressed that are not covered in standard contracts or addenda forms. It simply refers to a person who owns the business and is personally responsible for its debts. Be a part of the team behind our success! He gives a report of a verbal examination of Aymar which is interesting. \hline The Sources of Contract Law Traditionally, Contracts was a common law course. Rule P-53 of the Texas Department of Insurance states that Title Companies: Cannot provide food and beverages for a picnic for a single firm, Cannot provide an annual party for a single firm, Cannot provide continuing education classes unless they charge the market rate for those classes. A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. In this circumstance, Gene is referred to as the _______. Show competency by passing the licensing exam. Much to her six children's dismay, single mom Nancy died without making a will. The general partner is most often the "promoter" who brought the limited partners into the venture. Gene made a will naming his oldest daughter as executor. Another possible financing scenario would be the assumption of the seller's existing mortgage. A(n) ________ is a listing in which the real estate broker's commission is the difference between the minimum net established by the seller and the price that the buyer is willing to pay. Allows a tenant to buy the property at a preset price and terms for a given period. 4. A lead paint form must be filled out and provided when selling a home before what year? b. - Seller Financing Phoenix, AZ. A seller of coastal property abutting tidally influenced water must provide the ________. - Changes to the closing date Full-Time. Consumer Financial Protection Bureau (CFPB). A loan assumption might be desirable because: The loan assumption is generally less costly than a new loan. Jake never delivered the disclosure as promised. The TM498 sells for$1,750. __________ occurs when an individual dies, leaving no valid will. 1. Bryan's client shows up to his closing after drinking three beers at a baseball game. How much will be owed at closing for taxes? - Net Lease If a broker receives more than one offer on a property: All must be presented to the seller unless the seller has instructed the broker otherwise. FINAL EXAM.pdf - Texas Law of Contracts, - Course Hero B) novation. - Grant Barring special circumstances, a decrease in price will have no effect on an increase or decrease in quantity. why do we need law? Involves ownership of real estate by one individual or entity. A transfer of ownership made for love and affection. The team decides to use both business transactional data and the results of a personal profile survey that every purchaser completes as their sources of data. Law of Contracts - Practice Exam If a person has been judged to be incompetent, a contract is _________ because the person never had the capacity to enter into a contract in the first place. 3. The primary benefit of a sole proprietorship is that the owner has total control of the business. The TM195 is an entry-level treadmill. Knowing the seller's "bottom line," what should Joe do with the offer? Law of Contracts - CHAMPIONS TEST Flashcards | Quizlet Law of Contracts - CHAMPIONS TEST Flashcards | Quizlet - Mechanics and Materialman's (M&M) liens. A contract that must have competent parties, offer and acceptance, legal purpose, consideration, and be in writing. 4. Champions School Of Real Estate Law Of Contracts Exam Mutual consent is often referred to as mutual consent or a "meeting of the minds." Generally a borrower must pay PMI if their equity is less than 20% of the home's value. A provision in a contract that requires a specific act or event happens for the contract to be binding on the party and must be specific as to what action needs to take place, who must complete the action, and when it will be completed. - Bid Bond This guarantees a contractor will . A contract between buyer and seller where the buyer agrees to make regular payments to the seller. A corporation owns the entire cooperative complex. Seller's temporary residential lease - for use when the seller occupies the property for no more than 90 days after closing. Gary. This places limitation on property owners and diminishes their property rights. The Central Military Commission ( CMC) is the highest national defense organization in the People's Republic of China. Another form of participation loan allows the lenders to share in the profitability of the property, in addition to collecting principal and interest on the loan. The grantor may add warranties to the deed at his or her discretion, The combination of two or more properties into one. Stitus, Refers to the fact that land cannot be destroyed. Bill is the buyer purchasing a property from Sally. All contingencies have been met and the parties are ready to close. The law prevents the forced sale of the homestead for payment of all debts, with five exceptions: - Escheat. a term applied to a contract that one or both parties have the ability to either withdraw from or enforce. Include the rights to oil, gas, and other minerals and are commonly conveyed through a lease, mineral deed, or by reservation. Contract B. Explain your answers to parts 2 and 3. Brokerage is a service. You must answer as follows: Section A : Answer 2 out of 3 Questions Section B: Answer 3 out of 5 Questions 3. Gender preference Definition of Contract Law Noun The branch of civil law that deals with interpretation and enforcement of contracts between two or more parties. The Texas Real Estate License Act- passed by legislation to protect the public. A deed executed by a court-appointed guardian to convey title to property owned by a minor, insane person, or the aged. It operates within the Chinese Communist Party (CCP) under the name "Central Military Commission of the Communist Party of China", and as the military branch of the central government under the name "Central Military Commission . It is a very basic deed and does nothing to protect the grantee. AIDS and AIDS-Related Complex The French term __________ means a life estate that is based on the life of another. This model features a nonfolding platform base that is designed to handle rigorous, frequent running; the TM798 is therefore appealing to someone who is a power walker or a runner. Kids in Need of Defense (KIND) hiring Staff Attorney - Released in Job Description. In Writing (when required by law) Earnest money is deposited in an escrow account when: The contract is signed by all parties and acceptance is communicated. How a Catholic-led law firm is sowing doubts about election integrity The annual premium is based on the loan-to-value ratio (LTV), and is utilized for 30-year loans with an LTV greater than 95%. The seller told Elmer that he wanted to stay in the property for at least a week after closing. Are created by statute of law. 4. ________ of an offer means that the accepting party does so with no change to the contract whatsoever. Texas Law of Contracts - amazon.com Study Aids By product Case Briefs(view casebooks) Courses Essay Practice Exams Flashcards Key Terms Multiple-Choice Questions Outlines By subject Administrative Law Bankruptcy Business Associations Law of Contracts Study Guide - Exam 1 1. CSLB CONTRACTOR'S LAW & BUSINESS EXAM 2024 SOLUTION TOP PRACTICED An employer remits State disability taxes withheld from an employee's wages to what agency? A contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. For a contract to exist, there must have been a meeting of the minds (offer and acceptance) between the parties. - Destruction of property unless done so by the seller. A seller, in exchange for some form of consideration ($), gives the buyer the right to purchase the property for a period of time, but they can back out during that time period should they need to. 2. A(n) __________ description of property is a requirement for a valid deed. Contracts Essay Practice Questions - Law Exam 1 of 30 - Quimbee b. In a __________ lease, the tenant's rent is based, in whole or in part, on the receipts of his or her business. If a broker receives more than one offer on a property: All must be presented to the seller unless the seller has instructed the broker otherwise, a rejection, a new offer, able to be withdrawn prior to acceptance. In many states, lease agreements for one year or less are the exception to the Statute of Frauds. The rates are not published on these loans. Foreclosure occurs when a ____ seizes and sells a borrower's ____ after the borrower has failed to ____ the lender. Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. - Zoning: Equal Credit Opportunity Act, federal law prohibiting discrimination in credit/lending. Todd planted two live oaks and four magnolia trees on his 3-acre property. shareholders (stockholders) who are the owners of the corporation a board of directors elected by the shareholders who represent the interests of the shareholders All that is encompassed in land, with the addition of all man-made additions to the land (improvements) such as roads, houses, and commercial buildings. Law of Contracts - Practice Exam Flashcards _ Quizlet.pdf The five essential elements of a valid and enforceable contract are, competent parties, offer and acceptance, legal purpose, in writing and ________. A novation may occur when a contract that has been marked up with many changes is replaced with a clean copy. An oral or deathbed will. Agent Jay has received an offer on his client's property, but they are still considering it. Page 1. The new agreeement may include new parties, which becomes a novation of the parties. A seller, in exchange for some form of consideration (an option fee), gives the buyer the right to purchase the property at some present price and terms for a period. An example of a void contract would be one to have somebody killed or to deliver illegal drugs. A claim, lien, charge, or liability attached to and binding real property is a(n) ________. Also called an installment contract, a land contract or a real estate contract. Joe is an agent at Tried and True Realty. Barring special circumstances, an increase in price will always lead to a decrease in quantity. Paralegal & Law Clerk; Property Law; Manufacturing, Transport & Logistics. A deed with no guarantees, warranties, or covenants. - Appraisal - Title The ________ ensures that all consumers are given an equal chance to obtain credit. He owns 3 trucks. GB 301 Exam 1 - Study Guide Addendum - Contracts The misrepresentation was a key element in Kristina's decision to purchase the property, and the buyer was harmed by the purchase. These are non-conforming loans. 2. If you hire a mold remediator he must give you _____________ no later than 10 days after work is complete. Law of Contracts Exam.docx - Law of Contracts Exam Please Personal property that has become attached to the land in such a way as to become real property. Fred is a truck owner. Prior to closing, severe damage to or destruction of a property under contract: Can result in termination of the contract. If a deed does not make the type of joint ownership clear, Texas courts will always assume that the owners are tenants in common. Full-Time. In all states, license holders are barred from the unlawful practice of law. A corporation is regarded under the law as a distinct legal entity with the right to own real estate and other assets. Contract B. Was designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators, and the establishment of a nationwide mortgage licensing system and registry for the residential mortgage industry. When Myra told Kristina that the roofing contractor only uses "top-of-the-line material" and that the roof should last a very long time, she was most likely guilty of what? The requirements for a valid lease are, competent parties, let and take agreement, in writing and ________. SevenBlueSeven Oct 30, 2020 @ 9:06pm. A seller cannot intentionally destroy a property. A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. The estimated amount of the property tax for the current year (May 1 to December 31) is$45,000. Contract Law in Real Estate Chapter Exam - Study.com Highest deed - 5 covenants. Texas Veteran's Housing Assistance Program loans can be: The least common form of mortgage financing is. The contract must, therefore, reflect the intent and wishes of the parties. - Tax Liens ________ is the right of the government to regulate and control the way land is used. The loan becomes due upon the sale of the property or the death of the owner. Scarcity A person appointed by a testator to carry out the terms of the will. 2. - Prescription Belongs to a person or corporation and does not belong to the land. CONTRACTS CON124 - Fall 2017 Register Now exam-missed (2).pdf . Law of Contracts - CHAMPIONS TEST Wrongful or criminal deception intended to result in financial or personal gain is called: fraud The Buyer and Seller Temporary Residential Lease forms may be used f Stuvia customers have reviewed more than 700,000 summaries. Its unique fea- tures include a bright blue backlit LCD console, quick speed and incline keys, a wireless heart rate monitor with a telemetric chest strap, remote speed and incline controls, and an anatomical figure that specifies which muscles are minimally and maxi mally activated. An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor's land. Have risk-based pricing. - Hand Delivery, 1. Does the firm earn positive or negative profits? An individual who receives property through intestate succession. 1. A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, "by, through, or under the grantor but not otherwise.". Advertising in real estate should not have what in it? Champions School of Real Estate 2021 Law of Contracts Houston TX Civil Law Law of Contracts - CHAMPIONS TEST 4.8 (44 reviews) Term 1 / 68 Wrongful or criminal deception intended to result in financial or personal gain is called: Click the card to flip Definition 1 / 68 fraud Click the card to flip Flashcards Learn Test Created by daniellerivas2016 Terms in this set (68) Is responsible for the day-to-day operations of the business and has full liability. a. What should Barbara do to make sure she is fulfilling her fiduciary responsibilities to Lin? - Mineral Reservations - The lender (Mortgagee) A claim, lien, charge, or liability attached to and binding real property. Elmer said that would be no problem and entered the following text to Paragraph 11: "Seller and Buyer agree that Seller will remain in the Property for 7 days after closing and funding." Owners within a cooperative do not own a specific unit. He can prepare net sheets on the offers being considered so Simon can compare all of the details and better determine the bottom line for each offer. An agreement that gives a potential buyer the right for a specified period of time to purchase a property at predetermined price and terms. - Lead-based paint A contract used in real estate that combines some of the elements of a sale with a lease. The man . A claim, lien, charge, or liability attached to and binding real property is a(n) ________. If a buyer has concerns about possible contamination of potential property, the buyer or the lender may opt to have an Environmental Sit Assessment. - A change in the law that makes performance illegal. Naturally occurring, colorless, and odorless gas produced by the decay of radioactive materials in rocks under the ground. The balance in Retained Earnings is the balance as of January 1. He gets a $150,000 offer on a property that is listed for $199,500. If taxes are not paid at or prior to closing the buyer shall pay for the current year, If taxes for the current year vary from the amount prorated at closing, the parties shall adjust the prorations when tax statements for the current year are available, The tax proration may be calculated taking into consideration any change in the exemptions that will affect the current year's taxes. CSLB Contractor-s Law Practice Test Part 2 2024 SOLUTION - docmerit.com The legal procedure whereby the secured property may be sold to satisfy the unpaid promissory note. 2. expectations are accurate, what will the pure yield curve (that is, the yields to maturity A __________ is an employment agreement between the seller and the broker. b. encumbrances.c. Law of Contracts - CHAMPIONS TEST - Law of Contracts - CHAMPIONS Up-Front mortgage insurance premium (UFMIP). Woody Harrelson made a rare red carpet appearance with his family at the premiere of his new movie, "Champions," in New York City. Assuming ceteris paribus, what principle behind the law of demand is this graph is illustrating? Texas Law of Contracts - 3rd edition ISBN13: 9781475446715 ISBN10: 1475446713 by Kaplan Cover type: Paperback Edition: 3RD 18 Copyright: 2018 Publisher: Dearborn Financial Pub. ENGINEERING,ECONOMICS,NURSING . Central Military Commission (China) - Wikipedia 2. CardioGood Fitness is a developer of high-quality cardiovascu- lar exercise equipment. The main disadvantage is the high cost of refinancing, Collateral-Dependent Loans(Hard Money Loans). In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the effective date of the contract. The most common example of this is a utility easement. - Phone The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and __________. Which of the following is NOT considered a common addenda form? A. Journalize the two adjusting entries required to bring the accounts affected by the two taxes up to date as of December 31, the end of the current year. Her childrenstandard succession laws apply. The borrower retains ownership of the property, subject to the lien that secures the repayment of the loan. The Assignee assumes primary liability for performance under the contracts, and the assignor, unless released, remains secondary liable. Question 1-Contracts Practice Test for the Real Estate License Exam. Those who wish to live in the cooperative buy shares in the corporation and receive proprietary leases on their units. Bilateral Contract C. Broker Lawyer Committee D. Statue of Frauds E. Option 2. Prepaid items such as property owner association fees will be collected from the buyer from closing to the end of the year. Homeowners who are least 62 years of age can borrow against the equity in their property, using a reverse annuity mortgage. Which of the following statements is true? Common forms: Non-payment of a home equity loan. Is limited to the amount he or she invested in the partnership. A property may be placed in a trust, with ownership conveyed to a trustee for the benefit of others. An addition or amendment to an existing will. - Inspection, As a transaction progresses, amendments to the original contract may be needed. Includes both real and personal property (fixtures and furnishings). An example(s) of an appurtenance would be: There is no upper limit on the value of a Texas homestead. The AdRight Agency plans to identify particular market segments that are most likely to buy their clients' goods and services and then locate advertising outlets that will reach that market group. Located at Texas A&M University. Default of contract and types of damages - page 137 Buyer and Seller default. - Eminent Domain A contract requiring both parties to perform certain duties. employment contract between the agent (broker) and the buyer. (Not used in Texas), A right given by law to certain creditors to have debts paid out of the property of a defaulting debtor, usually through a court sale. The only default remedy in the contract that could result in Bill acquiring the property is___________________________. 4. - 1-2% This acts as an assurance that the contractor will be able to complete the job as described in the contract. What does a real estate agent do with multiple offers on a property? lender, collateral, repay. - Sale of Other Property Any consumer can bring an action against a provider of services when the consumer can prove that the servicer was the producing cause of any of the following: - Fax An examination by ProPublica of Thomas More's 2020 election-law initiative shows it helped fuel skepticism over President Joe Biden's victory and the fairness of elections in numerous states. Remember "L" - Littoral/Lake. The property has sold and closing is July 30th. 60 cards Real Estate Real Estate Principles Practice all cards Substitution of a new contract for an existing contract is A)an assignment. Prepare a retained earnings statement for the year assuming net income is $10,400. Joe should present the offer to the seller. SCHOOL OF LAW L120 - LAW OF CONTRACT FINAL EXAMINATION 8 TH DECEMBER 2011 TIME ALLOWED: 3 HOURS plus 5 minutes to read through the paper Instructions to Candidates: 1. In Texas, financing information is not a separate addendum. Thank you. Insurance that protects the lender in case the borrower defaults and is unable to repay the loan. Assume that the pure expectations hypothesis of the term structure is correct. A(n) ________ occurs when a new contract is substituted for an existing one. Leases and "right of first refusal" - page 19 Leasee has the right to match or outbid 3. Transfers all of the rights related to the contract to another party known as an assignee. But the law exempted many users because they already provided information to the government in other ways, and after a stretch of relatively wet years, the legislative . The limited partners are the investors in the venture. He decides to sell 1 of his trucks for $20,000 since business is going down. . One day prior to closing, Sally announces that she has changed her mind and is going to keep the property. If a person has been judged to be incompetent, a contract is __________ because the person never had the capacity to enter into a contract in the first place. A(n) __________ to a contract is an attachment that adds or further describes the rights and duties of the parties. All drilling of oil and gas in the state and regulates all drilling activity in the state. - E-mail a set of rules creating order and expectations. Payments in excess of the reasonable value of goods provided or services rendered are considered kickbacks. This type of mortgage is considered the most expensive home equity loan because the debt continues to accrue or grow with interest, and heirs will inherit the property with a lien on it. Exam CSLB Law & Business Practice . An individual who inherits property by intestate succession acquires title by descent and is known as this. 4. A specific type of asset-based financing in which a borrower receives funds secured by the value of a parcel of real estate. -TREC does not have promulgated forms for this. I love reading, traveling and learning new cultures; I've lived/worked in 3 continents (Africa, Middle East & North America), visited over 25 countries and have friends from more than 100 nations.<br><br>Started my career as an accountant and . - Downzoning: Changing the zoning of a property to lower a value. The buyer's acceptance of an earnest money refund terminates the contract, releasing both parties from any further obligation under the contract. CSLB. Promulgated Contract Exam.docx - Promulgated Contract Exam